FORT WAYNE, Ind. (Inside Indiana Business): The Northeast Indiana Regional Development Authority has announced plans to make additional Regional Cities Initiative funding available.
The organization says the $250,000 comes from savings earned from past projects, investment on deposits, and higher-than-projected returns for tax credits. The region initially received $42 million in Regional Cities funding. The RDA says the funding must be allocated before March 2020 to comply with state guidelines.
“If there’s a definite timeline and the project is considered transformational for our region, the RDA wants to learn more about the project,” said Michael Galbraith, consultant to the RDA. “We must invest the remaining funds, help launch impactful regional projects and move Northeast Indiana forward.”
The RDA says, to date, it has leveraged nearly all of the Regional Cities funding to generate more than $258 million in total public-private investment for 24 quality of place projects in the 11-county region. Fourteen of those projects have been completed.
Galbraith says once the Regional Cities funding has been completely disbursed, the RDA will continue to look for additional public and private funding resources to further support projects throughout the region.